I'm not so impressed by the effect at 35mm - the rounded corners are really distracting. If it's the same mask presented at different scales, how does it acquire rounded corners at the 35mm setting?
Basically, at 35mm the viewfinder mask has moved far out enough that the round aperture/opening at the front of the finder creates those round corners. It's kinda like the hard vignetting you get from using a lens hood that's too small.
Once you start moving the four blades of the viewfinder mask in to crop down to 50mm, the field of view is small enough that the circular front of the finder is no longer visible.
This is pretty common on multi-finders; the earlier VIDOM does exactly the same, and from what I remember, the Braun multi-finder is similar (I sold mine about a decade ago so I can't check). The Zeiss and Soviet turret finders operate a bit differently as they're not cropping finders, though; as each focal length has a different front optic, you get a fully circular view with black frame lines (and, weirdly, a cross-hair) placed in front of it.
In theory the turret finder is a better option, giving you the same size view as the focal lengths change, but my Soviet one is wildly inaccurate; playing around with it and the adjustable framelines on X-Pro 2, 35mm on the turret is about equal to an APS-C 20mm (30.5mm on 35mm film) and the 28mm viewfinder is closer to 15mm on APS-C (~23mm on 35mm film). I don't know if the original Zeiss version is better, but the VIOOH is bang-on, at least.
I had heard about the effect of this gadget on spectacles. Is it necessary to get your eye/glasses really close into the eyecup to see the full frame at 35mm or 50mm?
At 50mm, you can have a bit of separation and still see the full frame. I have to smash my glasses into the back of the VIOOH to see everything at 35mm, though - hence the O-ring.